The global smart agriculture solution market will grow to approximately US$ 14.48 billion in 2023. This growth is driven by increased demand for smart agriculture solutions, particularly for greenhouse cultivation, which offers various benefits to farmers. According to Future Market Insights, the smart agriculture solution market is anticipated to expand at a CAGR of 6.9% from 2023 to 2033, ultimately reaching a market value of around US$ 28.31 billion by 2033.
Farmers using smart agriculture solutions increasingly choose LED lights over traditional lighting systems for their controlled environment agriculture (CEA) setups. While LED lights may come with a higher initial cost, they are viewed as an excellent choice for indoor farming due to their long-lasting, energy-efficient benefits.
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Key technologies driving market demand include biometrics and GPS, which enable cultivators to gather real-time information about livestock efficiently. Infrastructural health sensors are also gaining importance for monitoring the condition and vibrations of structures such as buildings, factories, and bridges. These sensors are integrated into intelligent networks, providing real-time data for maintenance teams.
Agricultural robots are increasingly used to automate various farming tasks, such as soil maintenance, weed control, fruit picking, harvesting, planting, and irrigation.
Market expansion will be fueled by implementing sophisticated technologies such as artificial intelligence in drones to boost agricultural productivity. Expanding the agriculture industry in India, Australia, and China significantly drives demand for advanced agricultural technologies, including sensor-based variable rate technology.
Between 2016 and 2020, the worldwide smart agricultural solution market increased at a CAGR of 5.7 percent. Sales of smart agriculture solutions increased by 4.6 percent in 2021, thanks to the introduction of precision farming and the use of agriculture 5.0 technology.
The demand for sensor-based and map-based solutions will increase as precision farming and smart greenhouses become more popular. According to FMI, the worldwide smart agricultural solution will expand by 6.8% yearly in 2021.
Smart Agriculture Solution Market Highlights:
- The variable rate technology category is expected to grow at the fastest rate through 2021 and beyond.
- The hardware category, which accounts for about half of the market share, is predicted to expand the quickest.
- Through 2033, the drones sector will account for a significant portion of the worldwide market.
- During the projected period, the sensor monitoring system segment is predicted to increase significantly.
- Through 2033, India is predicted to be one of the most attractive markets for smart agricultural solutions.
- Latin America’s smart agricultural solution market is predicted to develop at a CAGR of 12.3% during the forecast period, with Brazil leading the way.
“Smart agriculture solutions leverage technology to enhance farming practices, offering tools such as IoT sensors, data analytics, and automation to optimize crop yields, resource management, and sustainability in modern agriculture.” emphasizes Sudip Saha, managing director and co-founder at Future Market Insights.
Leading Key Players:
- Dirt Road Data Inc.
- Iteris Inc.
- CropMetrics LLC
- Agribotix LLC
- AgriSight Inc.
- SemiosBio Technologies Inc.
- Granular Inc.
- Trimble Navigation Ltd.
- Site-Specific Technology Development Group Inc.
- AgJunction LLC
- John Deere
- Trimble
- TopCon Positioning Systems
- DeLaval
- AKVA
- Antelliq
- Afimilk
- InnovaSea Systems
- Heliospectra
- LumiGrow
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Smart Agriculture Solution Market Segmentation:
By Component Type:
- Hardware
- Sensor Monitoring System
- Smart Detection System
- GPS Enabled Ranging System
- Drones
- Software
- Services
By Application:
- Automated Machinery Guidance Control
- Tractor Collision and Obstacle Detection
- Machinery Safety and Parameter Monitoring
- Variable Rate Technology
- Building and Premises Surveillance
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Middle East & Africa
- Japan
Author By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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